Jacob has just tried on the most comfortable pair of pants that he has ever known. The pants are a(n)
A. experience good.
B. credence good.
C. logo good.
D. information good.
Answer: A
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Imports into the U.S. increased when
(a) deflation in the U.S. occurred. (b) real wages and incomes rose in the U.S. (c) the International Trade Commission was established. (d) all of the above occurred.
When MFC > MRP, a firm in a competitive market will
A) stop hiring. B) hire more workers. C) earn additional profits. D) layoff workers.
The law of comparative advantage implies that a doctor who is also a talented auto mechanic should
A. get a part-time job at a gas station. B. do his or her own auto repairs and those of his or her neighbors. C. hire a professional mechanic to repair his or her car. D. only repair the cars of other doctors.
The ability to control a scarce resource or input is a characteristic of perfect competition.
Answer the following statement true (T) or false (F)